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BRIEF-Exco Resources says is evaluating potential sale of its oil & natural gas properties in South Texas

March 15 Exco Resources Inc:

* Exco Resources announces transformational capital structure transactions

* Says issued $300 million in 1.5 lien notes that include option to pay interest in-kind in common shares or additional debt

* Issued $300 million in 1.5 lien notes that include option to pay interest in-kind in common shares or additional debt

* Says increased pro forma liquidity by $116 million, calculated as cash plus available borrowing capacity under credit agreement

* Proceeds from issuance were primarily utilized to repay all outstanding indebtedness under credit agreement

* Exchanged $683 million of second lien term loans for a like amount of 1.75 lien term loans

* Says amended credit agreement to establish a borrowing base of $150 million, permit issuance of 1.5 lien notes and 1.75 lien term loans

* Exco plans to pursue additional transactions to improve its capital structure and liquidity

* Anticipates transactions will enhance capital structure, provide option to improve future cash flows and establish structural liquidity

* Reduced potential cash interest payments up to $109 million/year,or $433 million through maturity,with option to pay interest in common shares

* Currently evaluating potential sale of its oil and natural gas properties in South Texas

* Will also seek approval to amend its charter to increase number of shares authorized for issuance or to effect a reverse stock split

* Pursuing plans including issuance of equity in exchange for indebtedness, repurchase of indebtedness/divestitures of assets

* 1.5 lien notes issued at par; maturity date of march 20, 2022 Source text for Eikon: Further company coverage:

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